Welcome to our exchanges at Goldman Sachs markets update for Friday, December 11th.

Each week we check up the leader across the firm to get a quick take on what they're

watching in markets. Today we're going to take a quick take on what they're watching in markets.

Today we're going to take a look back at the roller coaster ride of 2020 and some of the key

investing themes that came out of it. I'm Jake Stewart Globalhead of Corporate

Communications here at the firm and I'm

joined by Drew Pavlovich of the Markets Coverage Group in our Consumer and Wealth Division.

Drew, welcome to the program. Thank you. Thank you for having me. Happy to be here.

So let's talk a little bit about 2020 in terms of investors' emotions and expectations.

If you can, just take us back to January straight through to December give us a quick

rundown on different stages of sentiment that we've seen this year.

Yeah absolutely so as you alluded to which I think is very appropriately put

2020 was the very least a roller coaster.

And it was one that saw multiple ups and downs

for a variety of different reasons.

And one that I think any of us that are market participants will say is one that we will never truly forget.

So the year really, interestingly enough, started off with a tone of really cautious optimism,

almost a sort of complacency as it relates to client's sentiment you had.

What most viewed as stable to strong corporate earnings, the U.S. and world on really steady

kind of single-digit growth trajectory from GDP standpoint and the only real foreseeable

kind of market destabilizing event was really the US election here in November

potentially destabilizing event I should say. the US election here in November,

...